Volkswagen Backs Margin Guidance for 2022 After 3Q Operating Profit Rose
28 Oktober 2022 - 8:21AM
Dow Jones News
By Kim Richters
Volkswagen AG on Friday backed the outlook for its full-year
margin after operating profit and revenue rose in the third
quarter.
The German auto maker said operating profit rose to 4.27 billion
euros ($4.26 billion) from EUR2.60 billion with the corresponding
return on sales increasing to 6.0% from 4.6%.
Quarterly revenue rose 24% to EUR70.71 billion but aftertax
profit fell to EUR2.13 billion from EUR2.90 billion in the same
period year-prior.
Volkswagen said results this quarter were supported by the
performance of its premium, sport and luxury segments but also hit
by nonrecurring costs of around EUR1.6 billion related to its
Russia activities and the Porsche AG IPO as well as a EUR1.9
billion noncash impairment charge connected to its Argo AI
investment.
Looking ahead, Volkswagen continues to expect revenue this year
to be 8%-13% higher than in the previous year. It also aims to
reach the upper end of the 7.0%-8.5% guidance range for operating
margin.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 28, 2022 02:06 ET (06:06 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Volkswagen (TG:VOW)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Volkswagen (TG:VOW)
Historical Stock Chart
Von Apr 2023 bis Apr 2024